The World Bank plans to provide an additional loan of up to $50 million to continue reforms in Azerbaijan’s judicial system.

The Azerbaijani state has spent 633.22 million manats ($372.59 million) to pay its citizens’ debts which increased in value due to the devaluation of the state currency, the manat in 2015.

The value of guaranteed loans issued by Azerbaijani banks in January-April 2019 exceeded 3 million manats, a source in the Mortgage and Credit Guarantee Fund of Azerbaijan told Trend.

The Entrepreneurship Development Fund of Azerbaijan held a regular business forum on concessional lending to entrepreneurship in Azerbaijan’s Shamakhi District, Trendreports referring to the Ministry of Economy of Azerbaijan.

The Azerbaijani government allocated 670,000 manats to pay compensations on problem loans to individuals in Pasha Bank, chief financial administrator, as well as member of the board of the bank Bahruz Naghiyev said.

Ministry of Finance of Azerbaijan has talked on the implementation of commitments to solve the issue of problem loans.

Azerbaijan has allocated 700 million manats for compensation payment on problem loans in the country, said Vusalya Jafarova, manager for strategic analysis and planning of the Center for Analysis of Economic Reforms and Communications, Trend reports.

Excessively high interest rates on loans in Azerbaijan are indicative of serious flaws in the country's banking sector, Deputy Director of the UNEC Russian School of Economics, Doctor of Economics, Professor Elshad Mammadov told Trend.

Starting from May 1, citizens of Azerbaijan, who have a right for compensation on problem loans worth over 500 manats, will be able to receive it by a card and cash it out in specially allotted post offices, Trend reports with reference to Azerpoct LLC, Azerbaijan’s postal operator.

Interest rates on loans will not be limited in Azerbaijan, Chairman of Central Bank of Azerbaijan Elman Rustamov said at a press conference in Baku on April 26, Trend reports.